Web3 social network development receives $11 million in Series A funding from Neynar
Haun Ventures Leads $11 Million Series A Round for Neynar, Separate from Farcaster Investment
In a significant move for the Web3 social media landscape, Neynar has raised $11 million in a Series A round led by Haun Ventures. The round also included participation from a16z's CSX, Coinbase Ventures, and Union Square Ventures.
Despite this investment, Breck Stodghill, a partner at Haun Ventures, has clarified that investing in Neynar does not equate to investing in Farcaster. This distinction is important as a16z and Haun Ventures have also participated in Farcaster's $150 million fundraising round, led by Paradigm.
Last week, Farcaster secured its $150 million fundraising round, marking a significant milestone for the decentralized social network protocol. The Farcaster Protocol currently boasts over 378,000 users, a testament to its growing popularity.
Neynar and Farcaster share some similarities, but they also have distinct differences. Neynar functions as a cloud computing service for Web3 social media users, providing remote storage for files, applications, and data. It offers tools for securing the sending of data to the Farcaster protocol, such as a tool for signing data with private keys. Neynar also has an endpoint for sharing immediate data about Farcaster, including user profiles, casts, and follows.
On the other hand, Farcaster Protocol allows developers to build social applications without seeking permission from the network. Developers using Neynar can potentially cut costs significantly, as Neynar runs the hub for them at a monthly rate of $9, compared to the hundreds of dollars spent on Farcaster Protocol's "storage units" called "hubs".
It's worth noting that most developers using Neynar's tools are currently building on Farcaster Protocol. However, Neynar's current strategy is to focus on Farcaster due to the majority of Web3 social developers being there, but plans to expand to other protocols and infrastructure in the future.
Web3 social media protocols like Farcaster and Neynar offer users the ability to own and control their data, a significant shift from traditional social media platforms. As these technologies continue to evolve, it will be interesting to see how they reshape the digital landscape.
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